South Korean Won Gains Modestly on Tuesday Driven by Dollar Selling From SK hynix's US Listing

Deep News08-11 20:44

The South Korean won experienced a slight appreciation on Tuesday against the US dollar, fueled by dollar-selling activities following SK hynix's listing in the United States.

As of 3:30 PM local time, the exchange rate stood at 1,415.9 won per US dollar, marking a 2.5-won increase from the previous session's close and reaching its strongest level since October 2 of last year.

The won opened at 1,415.9 and climbed to an intraday high of 1,412.2 during the afternoon session.

Analysts attribute the recent rebound of the won to substantial US dollar inflows, specifically from SK hynix converting proceeds from its American Depositary Receipt (ADR) offering into the local currency.

Earlier this month, SK hynix raised approximately 40 trillion won (equivalent to $28.2 billion) through an ADR issuance on the Nasdaq, with the majority of the funds earmarked for investment within South Korea.

In the latest trading session, foreign investors recorded net purchases of 442 billion won in South Korean stocks. The Korea Composite Stock Price Index (KOSPI) advanced 0.73% to close at 6,345.53 points.

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